Ogun State's debt has reached N494 billion, with significant increases in both local and foreign borrowings, while Internally Generated Revenue has risen above N240 billion.
The Ogun State Commissioner for Finance, Dapo Okubadejo, disclosed that the state's current debt profile stands at approximately N494 billion. This marks a significant increase in local debt from N133 billion in 2019 to N194 billion by December 2025, and a drastic rise in foreign debt from N33 billion to N300 billion over the same period. The commissioner attributed this surge primarily to the devaluation of the naira, which has seen the exchange rate rise drastically from N330 to N1,400-1,500 per dollar, impacting the state's foreign debt profile markedly.
Additionally, the commissioner highlighted a remarkable growth in Ogun State's Internally Generated Revenue (IGR), which has soared from around N50 billion in 2020 to upwards of N240 billion in 2025. The state government anticipates that this figure will reach an impressive N512 billion in 2026, showcasing the administration's commitment to enhancing revenue through various measures. Okubadejo emphasized that the government has been strategic in managing the debt, asserting that borrowings have been utilized primarily for infrastructure development, which is crucial for the state's economic growth and long-term stability.
At a recent media briefing regarding the 2026 budget held at the Olusegun Osoba Press Centre, the finance commissioner provided these insights as part of the state’s overall financial strategy. The improvement in both debt management and revenue generation reflects the government's efforts to bolster Ogun State's economic standing, despite the challenges posed by significant debt levels and currency fluctuations. Understanding these financial dynamics is essential as the state prepares for future growth and budgetary allocations that align with infrastructural and developmental goals.
